Lake Wedowee Life June July 2010

Page 1

-XQH -XO\ ZZZ /DNH:HGRZHH/LIH FRP

)5((



/DNH :HGRZHH /LIH


HYHQ /DNH :HGRZHH /LIH


-XQH -XO\

7DEOH RI

&RQWHQWV

9RO 1R

6SHFLDO WKLV 0RQWK

/RFDO $UWLVWV $UW RQ WKH 0HGLDQ 7KXUVGD\V LQ -XO\ 0XVLF LQ WKH 3DUN )RXUWK RI -XO\ :HHNHQG &RZ ER\V &RPH WR 7RZQ 6KRZ \RXU $PHULFDQ 6SLULW )RXUWK RI -XO\ %RDW 3DUDGH +RPHWRZQ +HURHV %UDG\ 3LWWV UDLVHV IXQGV IRU FODVVPDWHV 7KH &UHDWLYH 6LGH 6PLWK JHWV FUHDWLYH VHOOLQJ KLV SURGXFH 3KRWRJUDSKHUV 6SRWOLJKW -HQQLIHU $ODP JLYHV D WRXU RI KHU &OD\ &RXQW\ :KHUH LQ WKH ZRUOG LV /DNH :HGRZHH /LIH" 5HDGHUV WDNH /DNH :HGRZHH /LIH DURXQG WKH ZRUOG

0RQWKO\ )HDWXUHV

(QMR\ /LIH /HWWHU IURP WKH (GLWRU 6RXWKHUQ /LYLQJ +RXVH 3ODQ /DNH 0DS %XLOW RQ WKH /DNH &KDUOH\·V 7UHDVXUHV 6PDOO 7RZQ /LIH +RRNHG RQ /DNH :HGRZHH 6LPSO\ )DEXORXV 8SFRPLQJ (YHQWV /LIH LQ WKH 6RXWK 5HGQHFN $GYHQWXUHV

FRQWULEXWLQJ ZULWHUV 'DUOHQH %DLOH\ /HLVHO &DOGZHOO .DURQ *RRGPDQ 0D[ )XOEULJKW 5HHG 0RQWJRPHU\ &KDUOH\ 1RUWRQ DQG 6NHHWHU


2Q WKH &RYHU &RULQQH &R[ SDLQWHG WKLV VFHQH EDVHG RQ SLFWXUH IURP ODVW \HDU·V )RXUWK RI -XO\ %RDW 3DUDGH 7R OHDUQ PRUH DERXW WKH HYHQW JR WR SDJH

*HQHUDO 0DQDJHU /(,6(/ &$/':(// LQIR#ODNHZHGRZHHOLIH FRP

(GLWRU .(//< &$/':(// QHZV#ODNHZHGRZHHOLIH FRP

$GYHUWLVLQJ 6DOHV /$92< &$/':(// DGV#ODNHZHGRZHHOLIH FRP

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‹ /DNH :HGRZHH /LIH


3OHQW\ RI IXQ DKHDG IRU DOO 6XPPHU LV LQ IXOO VZLQJ QRZ DQG WKRVH HYHQWV ZH ORYH VR PXFK DUH JHWWLQJ VWDUWHG ,Q MXVW WZR ZHHNV WKH 'RZQWRZQ $UW 6KRZ ZLOO EH RQ WKH PHGLDQ LQ :H GRZHH /DNH :HGRZHH /LIH ZLOO KDYH D ERRWK WKHUH JLYLQJ DZD\ SDVW LVVXHV RI WKH PDJD]LQH DV ZHOO DV WKLV RQH :H DOVR ZLOO KDYH VRPHWKLQJ QHZ IRU RXU /DNH :HGRZHH /LIH UHDGHUV« 3RVW HUV GHSLFWLQJ OLIH RQ /DNH :HGRZHH DV ZHOO DV D FRPPHPRUDWLYH SRVWHU IRU WKLV \HDU·V )RXUWK RI -XO\ %RDW 3DUDGH 7KH SRVWHUV ZLOO PDNH D QLFH HGLWLRQ WR \RXU ODNH KRPH DQG ZLWK WKH ERDW SDUDGH SRVWHU D SRUWLRQ RI WKH SURFHHGV ZLOO JR WR WKH 5DQGROSK &RXQW\ 6KHULII·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·V 5RGHR ZLOO EH -XO\ DQG 7KHQ WKH PRUQLQJ RI -XO\ UG WKH QG $QQXDO )RXUWK RI -XO\ %RDW 3DUDGH ZLOO VWDUW DW 5( 0$; /DNHIURQW ,Q RWKHU ZRUGV JHW \RXU FDOHQGDUV UHDG\ ZKLOH UHDGLQJ WKLV LVVXH VR \RX FDQ PDNH VXUH \RX JHW WR DOO WKH HYHQWV JRLQJ RQ LQ WKH QH[W HLJKW ZHHNV

(QMR\ /LIH .HOO\ &DOGZHOO

/DNH :HGRZHH /LIH



$UW ORYHUV ZLOO EH LQ IRU D WUHDW -XQH ZKHQ WKH (DVW $ODEDPD $UWV 6RFLHW\ KRVWV LWV 7KLUG $Q QXDO 'RZQWRZQ $UW 6KRZ LQ :HGRZHH 7KH IHVWLYLWLHV ZLOO EHJLQ DW D P WR S P DQG ZLOO IHDWXUH PRUH WKDQ ORFDO DUWLVDQV VHOOLQJ WKHLU ZDUHV ´:H DUH KRSLQJ WR KDYH D ZLGH YDULHW\ RI PHGLXPV µ -R .LFNHU $UW 6KRZ FKDLUSHUVRQ VDLG ´:H ZLOO KDYH RLOV ZDWHUFRORUV DFU\OLFV VNHWFKLQJ SKRWRJUDSK\ VFXOSWXUH DQG SRWWHU\ µ /RFDO DUWLVWV OLNH 5RQ 1HZVRPH DQG 5XVVHOO (YHUHWW ZLOO EH VKRZ FDVLQJ WKHLU ZRUN ´'RZQWRZQ :HGRZHH LV D TXDLQW FRXQWU\ WRZQ DQG EHLQJ XQ GHU WKH VKDGH WUHHV LV MXVW D SHUIHFW VHWWLQJ µ .LFNHU VDLG ´:H DOVR KDYH D YDULHW\ RI DUWLVWV FRPLQJ IURP PDQ\ DUHDV QRW RQO\ ORFDOO\ EXW IURP VXUURXQGLQJ DUHDV µ 7KH HYHQW ZLOO EH LQ WKH PHGLDQ RQ 8 6 +LJKZD\ WKH VDPH OR FDWLRQ DV ODVW \HDU 7KH 7RZQ RI :HGRZHH LV DOVR D VSRQVRU RI WKH HYHQW DQG 0D\RU 7LP &RH VHHV WKH SRVLWLYH SRWHQWLDO IRU WKH WRZQ ´:H IHHO OLNH WKH DUW VKRZ LV D JRRG RSSRUWXQLW\ WR VKRZ ORFDO WDOHQW DQG JLYHV WKH YLVLWRUV WR RXU WRZQ D FKDQFH WR VHH ZKDW DOO ZH KDYH WR RIIHU µ &RH VDLG :HGRZHH SROLFH RIILFHUV ZLOO EH 7KH 7KLUG $QQXDO 'RZQWRZQ $UW 6KRZ ZLOO IHDWXUH DOO NLQGV RI PHGLXPV RQ KDQG WR KHOS GLUHFW WUDIILF DV ZHOO DV GLUHFW YLVLWRUV WR DYDLODEOH IURP DUHD DUWLVWV SDUNLQJ DQG WKH RZQHUV HQFRXUDJH WKH YLVL 7KHUH ZLOO EH QR DGPLVVLRQ 7KH VKRSV LQ WKH GRZQWRZQ WRUV WR WDNH D SHHN LQ WKHLU GRRUV DV FKDUJHG IRU WKH HYHQW EXW PRVW RI DUHD ZLOO DOVR EH RSHQ IRU WKH GD\ ZHOO WKH DUWZRUN ZLOO EH DYDLODEOH IRU /DNH :HGRZHH /LIH


VDOH ´7KHUH ZLOO EH VRPH DUWLVWV ZKR ZLOO FKRRVH MXVW WR GLVSOD\ WKHLU ZRUN µ .LFNHU VDLG ´%XW WKHUH ZLOO EH QXPHURXV DUWLVWV VHOOLQJ WKHLU ZRUN µ 7KH HYHQW LV DOVR D SDUW RI 7KH *UHDW $ODEDPD +RPHFRPLQJ 7KH $ODEDPD 7RXULVP GHSDUWPHQW QDPHG DV WKH <HDU RI 6PDOO 7RZQV DQG 'RZQWRZQV DQG

FLWLHV DQG WRZQV DFURVV $ODEDPD DUH SDUWLFLSDWLQJ LQ WKH IHVWLYLWLHV 7KHUH DUH KRPHFRPLQJ HYHQWV DQG IHVWLYDOV JRLQJ RQ SUDFWLFDOO\ HYHU\ ZHHNHQG IURP PLG 0DUFK WKURXJK PLG 'HFHPEHU 2WKHU WRZQV LQ WKH /DNH :H GRZHH DUHD SDUWLFLSDWLQJ LQ WKH *UHDW $ODEDPD +RPHFRPLQJ LQ FOXGH :DGOH\ $XJXVW $VK ODQG 2FWREHU DQG /LQHYLOOH

1RYHPEHU (DFK HYHQW ZLOO EH FRPPHPR UDWHG ZLWK D KLVWRULF PDUNHU DERXW HDFK WRZQ )RU PRUH LQIRUPDWLRQ DERXW WKH *UHDW $ODEDPD +RPHFRPLQJ YLVLW KWWS ZZZ DODEDPDKRPHFRPLQJ FRP )RU PRUH LQIRUPDWLRQ DERXW WKH 'RZQWRZQ $UW 6KRZ FDOO .LFNHU DW

ZZZ ODNHZHGRZHHOLIH FRP

/DNH :HGRZHH /LIH


/DNH :HGRZHH /LIH


%ULQJ \RXU ODZQ FKDLUV WR /LQH YLOOH 5HFUHDWLRQ 3DUN IRU WKH 6HY HQWK $QQXO 6XPPHU 6L]]OH EHJLQ QLQJ -XO\ DQG FRQWLQXLQJ HYHU\ 7KXUVGD\ LQ -XO\ ´:H KDYH HQMR\HG RIIHULQJ WKH SHRSOH RI WKLV DUHD DQ RSSRUWXQLW\ WR H[SHULHQFH YDULRXV PXVLF VW\OHV DQG WKLV \HDU LV QR GLIIHUHQW µ %DU EDUD 3ROODUG RUJDQL]HU RI WKH HYHQW VDLG 7KH FRQFHUW VHULHV VSRQVRUHG E\ WKH &OD\ &RXQW\ $UWV /HDJXH IHD WXUHV WDOHQW IURP WKH DUHD RU ZLWK WLHV WR WKH DUHD 7KH ZHHNO\ VHULHV EHJLQV DW

/DNH :HGRZHH /LIH

S P DQG FRQFHVVLRQV ZLOO EH DYDLO DEOH 7KH ILUVW FRQFHUW ZLOO IHDWXUH 5RJHU +DPPHWW 5\DQ 5REHUWVRQ DQG )ULHQGV 3DWULRWLF PXVLF DQG D ILUHZRUNV VKRZ ZLOO DOVR EH LQ FOXGHG LQ WKH QLJKW·V IHVWLYLWLHV

1HZV WR .QRZ E\ .HOO\ &DOGZHOO ´:KHQ 5RJHU JHWV RQ WKRVH GUXPV KH LV VRPHWKLQJ HOVH µ 3RO ODUG VDLG 7KH +HULWDJH +DOO -D]] %DQG ZLOO

KHDGOLQH RQ -XO\ WK DQG SOD\ D YD ULHW\ RI VW\OHV RI PXVLF QRW MXVW MD]] ´7KH\ DUH IDEXORXV µ 3ROODUG VDLG ´7KH OHDGHU RI WKH EDQG LV -HII :RRG DQG KH LV WKH VRQJ GLUHFWRU DW $VKODQG )LUVW %DSWLVW &KXUFK )RXQGLQJ PHPEHU DQG IRUPHU OHDG VLQJHU RI WKH *UDPP\ DZDUG ZLQQLQJ KLW JURXS 6KHQDQGRDK 0DUW\ 5D\ERQ ZLOO EH KHDGOLQLQJ WKH -XO\ FRQFHUW DQG RIIHUV D IXOO VSHFWUXP RI YRFDO HQWHUWDLQPHQW (YHU\RQH ZKR KHDUV 5D\ERQ NQRZV KH KDV D YRLFH WR EH UHFN RQHG ZLWK 'DWLQJ EDFN WR KLV HDUO\ GD\V LQ KLV KRPH VWDWH RI )ORULGD KH


VDQJ LQ KLV IDPLO\·V EOXHJUDVV EDQG /LNH VR PDQ\ RWKHU EOXHJUDVV DUW LVWV WKH JULQG RI SDUW WLPH SOD\LQJ DQG IXOO WLPH ZRUN HYHQWXDOO\ JRW ROG DQG LQ 5D\ERQ KHDGHG IRU 1DVKYLOOH %\ WKH IROORZLQJ \HDU KH·G VFRUHG D SXEOLVKLQJ GHDO DQG PRYHG WR 0XVFOH 6KRDOV $ODEDPD IRXQGLQJ WKH JURXS WKDW ZRXOG HYHQWXDOO\ EHFRPH 6KHQDQGRDK 6LQFH WKHQ KH KDV HQMR\HG

PDQ\ \HDUV DV DQ HVWHHPHG SHU IRUPHU LQ &RXQWU\ 6RXWKHUQ *RV SHO DQG %OXHJUDVV JHQUHV +H JUHZ XS LQ EOXHJUDVV DQG ODWHU HDUQHG DFFODLP LQ FRXQWU\ PXVLF VR LW VKRXOG FRPH DV QR VXUSULVH WKDW WKH ODWHVW UHOHDVH IURP 0DUW\ 5D\ ERQ DQG KLV EDQG )XOO &LUFOH EHDUV WKH PDUN RI ERWK 3ROODUG·V XQFOH 5R\ &UDZIRUG ZLOO HQWHUWDLQ WKH FURZG -XO\

´+H JUHZ XS KHUH DQG LV D QD WLRQDO ILGGOH FKDPSLRQ µ VKH VDLG &UDZIRUG ZLOO SHUIRUP ZLWK WKH &XOOPDQ &RXQW\ %OXHJUDVV 3HU IRUPHUV 7KH FRQFHUW VHULHV ZLOO HQG ZLWK +RSH·V -RXUQH\ DQG RWKHU JRVSHO JURXSV ´7KH\ KDYH EHHQ LQ WKH DUHD IRU VHYHUDO \HDUV DQG DUH GHILQLWHO\ SHUIRUPHUV µ 3ROODUG VDLG

/DNH :HGRZHH /LIH


%H VXUH WR DQG WKH\ DUH SDFN \RXU FRZ RUGHUHG WR ILW µ ER\ ERRWV DQG :DONHU VDLG ´$QG WKH\ KDW IRU \RXU WULS KDYH WR EH UH WR /DNH :H GRZHH )RXUWK SODFHG $QG RI -XO\ ZHHN WKH *36 LV D HQG 7KH 6HY SUHFDXWLRQDU\ HQWK $QQXDO PHDVXUH WKDW 5DQGROSK KDV VDYHG YDOX &RXQW\ 6KHULII V DEOH UHVSRQVH 'HSDUWPHQW WLPH µ 5RGHR ZLOO EH ,Q WDVHUV ERWK )ULGD\ DQG DQG DGGLWLRQDO 6DWXUGD\ RI WKH XSJUDGHV WKDW KROLGD\ ZHHN DOORZ IRU H[WUD HQG SURWHFWLRQ LQ ´,W V D ORW RI H[WUHPHO\ KD] ZRUN EXW WKH DUGRXV FRQGL FURZGV HQMR\ WLRQV ZHUH SXU 7KH )RXUWK RI -XO\ 5RGHR LV DQ DQQXDO IXQGUDLVHU IRU WKH 5DQGROSK &RXQW\ 6KHULII·V 'HSDUWPHQW LW µ 5DQGROSK FKDVHG 7KH HYHQW UDLVHG LQ 7KH VKRZ EHJLQV DW S P )ULGD\ DQG 6DWXUGD\ -XO\ DQG 7KH WKLQJV SXU &RXQW\ 6KHULII FKDVHG IURP WKH -HII )XOOHU VDLG 7KH URGHR ZLOO IHDWXUH FDOI URS PRQH\ ZLOO FRPH EDFN WR WKH VKHU URGHR IXQGV DUH WKLQJV QRW LQFOXGHG LQJ WHDP URSLQJ EDUUHO UDFLQJ VDG LII V GHSDUWPHQW µ LQ WKH GHSDUWPHQW V DQQXDO EXGJHW GOH EURQF ULGLQJ DQG PXFK PRUH 7KH HYHQW UDLVHG DURXQG IXQGHG E\ WKH FRXQW\ FRPPLVVLRQ 7KH URGHR LV DQ HYHQW RQ WKH 3UR LQ ZKLFK LV XVHG WR KHOS VXS ´:H VWDUWHG WKLV IXQG UDLVHU WR IHVVLRQDO &RZER\ $VVRFLDWLRQ FLU SOHPHQW WKH VKHULII V GHSDUWPHQW V KHOS WKH GHSDUWPHQW FRYHU WKH JDSV FXLW EXGJHW OHIW LQ WKH EXGJHW µ :DONHU VDLG ´,W ´7KH ILQDOV DUH LQ 3KLODGHOSKLD ´,W MXVW GRHVQ W JR WR WKH 6KHULII V KDV EHHQ VXFFHVVIXO EHFDXVH RI WKH 0LVV $QG WKH 3&$ LV D VRXWKHDVW 'HSDUWPHQW µ :DONHU VDLG ´:H VSRQVRUV µ HUQ DVVRFLDWHG URGHR DVVRFLDWLRQ µ KDYH PDGH GRQDWLRQV WR RWKHU %XVWHU 0LOHV ZLOO EH RQH RI WKH )XOOHU VDLG ´:H KDYH D QHZ FRQ FKDULWDEOH RUJDQL]DWLRQV OLNH WKH PDMRU VSRQVRUV DJDLQ WKLV \HDU DQG RWKHU VSRQVRUVKLS RSSRUWXQLWLHV DUH WUDFWRU WKLV \HDU DQG KH SURPLVHV LW %DWWHUHG :RPHQ V )XQG DQG WKH WR EH ELJJHU DQG EHWWHU WKDQ HYHU 6KHULII V $X[LOLDU\ ZLWK WKH PRQH\ VWLOO DYDLODEOH EHIRUH µ ´:H DSSUHFLDWH WKH VXSSRUW WKH ZH KDYH UDLVHG µ 7KHUH ZLOO DOVR EH VOLGHV DQG ,Q WKH VL[ \HDUV RI GRLQJ WKH UR FRPPXQLW\ JLYH XV µ :DONHU VDLG ULGHV IRU WKH \RXQJHU URGHR IDQV WR GHR VHYHUDO WKLQJV KDYH EHHQ SXU ´%DQQHUV DUH DQG 6KRRW *DWH HQMR\ FKDVHG WR KHOS WKH VKHULII V GHSDUW EDQQHUV DUH :H DOVR KDYH DGV LQ WKH SURJUDPV DYDLODEOH VWDUWLQJ ´0RVW RI WKH ULGHV ZLOO EH FRY PHQW LQFOXGLQJ EXOOHW SURRI YHVWV HUHG E\ WKH DGPLVVLRQ SULFH EXW DQG *OREDO 3RVLWLRQLQJ 6\VWHPV IRU DW µ WKHUH ZLOO EH D IHZ WKDW FRVW DGGL VRPH RI WKH SDWURO FDUV ´0RVW SHR $GPLVVLRQ ZLOO EH DQG WKH WLRQDO PRQH\ µ 5RGQH\ :DONHU RQH SOH GRQ W UHDOL]H WKDW EXOOHW SURRI JDWHV RSHQ DW S P ERWK QLJKWV RI WKH RUJDQL]HUV VDLG ´%XW WKH YHVWV DUH RQO\ JRRG IRU D IHZ \HDUV 7KH URGHR ZLOO EHJLQ DW S P


6TXDUH )HHW 3ODQ 6/ %HGURRPV )XOO +DOI %DWKV 6WRULHV ,QIOXHQFHV )HGHUDO *HRUJLD 6RXWKHUQ 'HVLJQ E\ 6WHSKHQ )XOOHU

5HQGHULQJ E\ 0LOHV 0HOWRQ

6HDUFK RYHU H[FOXVLYH 6RXWKHUQ /LYLQJ KRPH GHVLJQV # ZZZ VRXWKHUQOLYLQJKRXVHSODQV FRP &DOO 0F.LQQH\ %XLOGHUV ,QF DW 7KH H[FOXVLYH 1HZQDQ EDVHG PHPEHU RI WKH 6RXWKHUQ /LYLQJ &XVWRP %XLOGHU 3URJUDP


7KH )RXUWK RI -XO\ %RDW 3DUDGH LV D IXQ ZD\ WR VKRZ \RXU SULGH IRU RXU JUHDW FRXQWU\ ,W EHJDQ LQ ZLWK ERDWV DQG VHYHUDO KXQGUHG SHRSOH ZDWFKLQJ WKH IHV WLYLWLHV 7KLV \HDU WKH RUJDQL]HUV DUH H[SHFWLQJ PRUH RI WKH FRPPXQLW\ WR SDUWLFLSDWH DQG EXLOG RQ WKH VXFFHVV RI LW V ILUVW \HDU ´:H KDG QR LGHD WKH HYHQW ZRXOG EH WKH RYHUZKHOPLQJ VXF FHVV LW ZDV ODVW \HDU µ .HOO\ &DOG ZHOO HGLWRU RI /DNH :HGRZHH /LIH VDLG ´, ZDV WDNHQ EDFN IRU D PR PHQW ODVW \HDU VHHLQJ DOO WKH SHR SOH SDUWLFLSDWLQJ LQ WKLV JUHDW GD\ DQG ORRN IRUZDUG WR PHHWLQJ HYHQ PRUH SHRSOH DW WKLV \HDU V HYHQW µ 7KH )RXUWK RI -XO\ %RDW 3DUDGH ZLOO EH -XO\ DQG ZLOO WDNH WKH

VDPH URXWH DV ODVW \HDU &KHFN LQ ZLOO EHJLQ DW D P IRU SDUWLFLSDW LQJ ERDWV DQG WKH SDUDGH ZLOO EH JLQ DW D P 7KH FRXUVH ZLOO WDNH ERDWV SDVW /DNHVLGH 0DULQD XQGHU WKH 8 6 +LJKZD\ EULGJH DQG DURXQG WR :HGRZHH 0DULQH ZKHUH WKH ERDWV ZLOO EH MXGJHG 7KHQ WKH ZLQQHUV ZLOO EH DQQRXQFHG DW /DNHVLGH 0DULQD ZKHUH :RUVKLS RQ 7KH :DWHU WDNHV SODFH DURXQG D P ´:H DUH KDSS\ WR EH SDUW RI WKLV HYHQW µ 5DQG\ 0RUULV RZQHU RI :HGRZHH 0DULQH VDLG ´,W ZLOO EH VRPHWKLQJ IXQ DQG LW LV D JUHDW ZD\ IRU D SHUVRQ WR VKRZ RII WKHLU ERDW DV ZHOO DV WKHLU SDWULRWLVP µ 5HJLVWUDWLRQ LV SHU ERDW DQG WKHUH ZLOO EH WKHH FDWHJRULHV IRU DZDUGV 0RVW 3DWULRWLF 0RVW &UHD

WLYH DQG %HVW 3HUVRQDO :DWHUFUDIW )LUVW 3ODFH 6HFRQG 3ODFH DQG +RQ RUDEOH 0HQWLRQ ZLOO EH DZDUGHG LQ HDFK FDWHJRU\ ´:H UHDOO\ ZDQW WR HPSKDVL]H $PHULFDQ 6SLULW WKLV \HDU µ &DOG ZHOO VDLG ´$QG WKDW FDQ EH LQWHU SUHWHG LQ D QXPEHU RI ZD\V QRW MXVW WKH WUDGLWLRQDO 5HG :KLWH DQG %OXH /DVW \HDU ZH VDZ D ERDW ZLWK D +DZDLLDQ WKHPH DQG WKH\ ZRQ LQ WKH FUHDWLYH FDWHJRU\ EH FDXVH LW ZDV D GLIIHUHQW WDNH RQ ZKDW WKH MXGJHV H[SHFWHG µ &DOGZHOO ZHQW RQ WR VD\ $PHUL FDQ 6SLULW FDQ EH DQ\WKLQJ IURP EDVHEDOO WR DSSOH SLH 6KH XUJHG WKH SDUWLFLSDWRUV WR UHDOO\ JHW FUHD WLYH ´, NQRZ WKH FRPSHWLWLRQ ZLOO EH VWURQJHU WKLV \HDU EHFDXVH VR PDQ\


7KH )RXUWK RI -XO\ %RDW 3DUDGH ZLOO EH -XO\ WKLV \HDU ,W LV IXQ IRU SDUWLFLSDQWV DQG VSHFWD WRUV ,W FRVW WR UHJLVWHU D ERDW DQG IRUPV FDQ EH SLFNHG XS DW /DNHVLGH 0DULQD :HGRZHH 0DULQH DQG 5( 0$; /DNHIURQW

KDYH EHHQ SODQQLQJ VLQFH ODVW \HDU µ VKH VDLG 7KH ZKROH FRPPXQLW\ LV XUJHG WR VKRZ WKHLU $PHULFDQ 6SLULW WKDW ZHHNHQG ´, ZRXOG ORYH VHH EXVLQHVVHV SDU WLFLSDWLQJ LQ RXU SDUDGH DV ZHOO DV GHFRUDWLQJ WKHLU VWRUHIURQWV IRU WKH RFFDVLRQ µ &DOGZHOO VDLG 2QH RI WKH VSRQVRUV RI WKH SD UDGH 5( 0$; /DNHIURQW VKRZHG WKHLU SULGH IRU $PHULFD E\ GLVSOD\ LQJ $PHULFDQ )ODJV IRU HDFK \HDU RI LQGHSHQGHQFH DV ZHOO DV ODUJHU IODJV WR UHSUHVHQW WKH RULJLQDO FRORQLHV /DNHVLGH 0DULQD VKRZHG LW V $PHULFDQ SULGH ZLWK UHG ZKLWH DQG EOXH EXQWLQJ DORQJ WKH IURQW RI WKH VWRUH DQG $PHULFDQ )ODJV DORQJ WKH VKRUHOLQH ´)RXUWK RI -XO\ LV D ZRQGHUIXO WLPH WR JLYH UHFRJQLWLRQ WR WKRVH WKDW KDYH VHUYHG RXU FRXQWU\ µ -RKQ 7LQ QH\ RZQHU RI /DNHVLGH 0DULQD DQG *ULOO VDLG ´0\ GDG ZDV D YHWHUDQ RI :RUOG :DU ,, DQG , UHDOL]H WKH VLJ QLILFDQFH RI KLV VDFULILFH PRUH DQG PRUH FRQVLGHULQJ ZKDW LV JRLQJ RQ LQ WKH ZRUOG , KDYH VXFK DGPLUDWLRQ IRU WKRVH WKDW FRQWLQXH WR VHUYH WR SURWHFW ZKDW WKRVH EHIRUH XV IRXJKW IRU µ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·V HYHQW YLVLW KWWS ODNHZHGRZHHOLIH FRP LVVXH DXJXVW VHSWHPEHU


5DQGROSK &RXQW\ ZDV HVWDEOLVKHG E\ WKH $ODEDPD /HJLVODWXUH RQ 'HFHPEHU DQG QDPHG LQ KRQRU RI -DPHV 5DQGROSK D 9LUJLQLD FRQJUHVVPDQ 5DQGROSK &RXQW\ ZDV RQH RI VHYHUDO FRXQWLHV FUHDWHG RXW RI WKH ODVW &UHHN FHVVLRQ IRUPXODWHG E\ WKH 7UHDW\ RI &XVVHWD RQ 0DUFK ,W OLHV ZLWKLQ WKH 3LHGPRQW UHJLRQ ZKLFK H[ WHQGV IURP $ODEDPD WR 3HQQV\OYDQLD

,PSRUWDQW 1XPEHUV ,PSRUWDQW 1XPEHUV %RDUG RI (GXFDWLRQ 6XSHULQWHQGHQW &LW\

%RDUG RI (GXFDWLRQ 6XSHULQWHQGHQW &RXQW\

&LUFXLW &OHUN

&RXQW\ &RPPLVVLRQ

'ULYHU·V /LFHQVH

(PHUJHQF\ 0DQDJHPHQW

(QJLQHHU +Z\ 'HSW

([WHQVLRQ 2IILFH

+HDOWK 'HSDUWPHQW

+XPDQ 5HVRXUFHV

/DQG )LOO

3UREDWH -XGJH

3XEOLF $VVLVWDQFH

5DQGROSK &RXQW\ +RVSLWDO

5HYHQXH &RPPLVVLRQHU

6KHULII

9RWHU 5HJLVWUDWLRQ

:HGRZHH +RVSLWDO

7KH ILUVW FRXQW\ VHDW IRU 5DQGROSK &RXQW\ ZDV HVWDEOLVKHG LQ DW +HGJHPDQ 7ULSOHWW V )HUU\ RQ WKH ZHVW EDQN RI WKH %LJ 7DOODSRRVD 5LYHU DERXW PLOHV ZHVW RI :HGRZHH ,Q \HDUV ODWHU WKH FRXQW\ VHDW ZDV PRYHG E\ WKH FRPPLVVLRQHUV WR QHDUE\ :HGRZHH :H GRZHH OLHV LQ WKH FHQWHU RI 5DQGROSK &RXQW\ RQ D IRUN RI WKH /LWWOH 7DOODSRRVD 5LYHU :HGRZHH ZDV QDPHG DIWHU D WULEDO FKLHI :DK ZDK QHH RU :DK GRZ ZHH ZKRVH YLOODJH VWRRG QHDU WKH SUHVHQW VLWH RI WKH WRZQ

7KLV LQIRUPDWLRQDO SDJH LV SURYLGHG DV D VHUYLFH E\ *UHJ 9DUQHU

3ROLWLFDO $GYHUWLVHPHQW 3DLG )RU %\ *UHJ 9DUQHU IRU 6WDWH 6HQDWH 3 2 %R[ $VKODQG $/


7RGD\ LW LV HVWLPDWHG WKDW RQH LQ HYHU\ FKLOGUHQ LV GLDJQRVHG ZLWK DXWLVP PDNLQJ LW PRUH FRPPRQ WKDQ FKLOGKRRG FDQFHU MXYHQLOH GLDEH WHV DQG SHGLDWULF $,'6 FRP ELQHG DFFRUGLQJ WR $XWLVP 6SHDNV DQ DGYRFDF\ JURXS GHGL FDWHG WR IXQGLQJ UHVHDUFK LQWR WKH FDXVHV SUHYHQWLRQ WUHDW PHQWV DQG D FXUH IRU DXWLVP LQ FUHDVLQJ DZDUHQHVV RI DXWLVP VSHFWUXP GLVRUGHUV DQG DGYR FDWLQJ IRU WKH QHHGV RI LQGLYLGX DOV ZLWK DXWLVP DQG WKHLU IDPL OLHV

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

&OD\ &RXQW\ +LJK 6FKRRO GH FLGHG WR GR VRPHWKLQJ DERXW WKH ODFN RI IXQG LQJ DQG RU JDQL]HG WKH ILUVW HYHU $X WLVP $ZDUH QHVV 'D\ LQ &OD\ &RXQW\ ´, WRRN KROG RI LW EH FDXVH , IHOW 3LWWV OHIW RUJDQL]HG HIIRUWV WR UDLVH IRU WKH &KLOGUHQ·V WKDW VRPHRQH %HKDYLRUDO 7KHUDS\ 3URJUDP 3DXOD +DUYHO SKRWR QHHGHG WR KHOS RXW µ KH VDLG ´$QG LI , GLG WKLQJ WKDW ZH NQRZ WKH FKLOGUHQ Q W QR RQH ZRXOG µ LQ WKH VXUURXQGLQJ DUHD ZLOO OLNH 7KH RULJLQDO GDWH IRU WKH IXQG WR FRPSHWH LQ µ 3LWWV VDLG 3LWWV IXQG UDLVLQJ HIIRUWV UDLVHU ZDV $SULO D GD\ RI WRU EURXJKW WR WKH &KLOGUHQ V UHQWLDO UDLQV DQG VHYHUH WKXQGHU VWRUPV %HKDYLRUDO 7KHUDS\ 3URJUDP DQG D &OD\ &RXQW\ $XWLVP $ZDUH ´7KH ILUVW GD\ ZDV JUHDW ZLWK RYHU SHRSOH DWWHQGLQJ µ 3LWWV QHVV /HDJXH KDV EHHQ IRUPHG ZLWK 3LWWV DV WKH GLUHFWRU VDLG ´7R PH LW LV LPSRUWDQW WR YRO 3DUW RI WKH DZDUHQHVV GD\ ZDV XQWHHU µ 3LWWV VDLG ´%HFDXVH D WHQQLV WRXUQDPHQW ZKLFK ZDV ZLWKRXW YROXQWHHUV WKHUH ZRXOG UH VFKHGXOHG IRU 0D\ KRZ Q W EH D ORW RI WKLQJV IRU SHRSOH WR HYHU DWWHQGDQFH ZDV QRW ZKDW HQMR\ DQG EHQHILW IURP &OD\ 3LWWV KDG KRSHG LW ZRXOG EH &RXQW\ LV DOVR NQRZQ DV WKH ´, KDYH OHDUQHG D ORW EXW WKH

9ROXQWHHU &RXQW\ DQG VRPHRQH PRVW LPSRUWDQW RQH LV \RX DO ZD\V OHDUQ IURP \RXU PLVWDNHV µ QHHGV WR KHOS XSKROG WKDW µ KH VDLG ,I DQ\RQH KDV LGHDV IRU WKH 7KH HYHQW IRU ZLOO EH &OD\ &RXQW\ $XWLVP $SULO DQG LQVWHDG RI D WHQQLV $ZDUHQHVV 'D\ ZRXOG OLNH WR WRXUQDPHQW WKH GD\ ZLOO KDYH YROXQWHHU RU PDNH D GRQDWLRQ PRUH FKLOG IULHQGO\ DFWLYLWLHV SOHDVH FRQWDFW 3LWWV DW ´:H ZRXOG OLNH WR GR D FKLO GUHQ V REVWDFOH FRXUVH RU VRPH /DNH :HGRZHH /LIH



/DNH :HGRZHH /LIH


6HOOLQJ SURGXFH LV QRW DQ HDV\ MRE ,W WDNHV FRXQWOHVV KRXUV RI ZRUN LQ WKH SDWFK QRW WR PHQWLRQ 6DWXU GD\V VHOOLQJ WR FXVWRPHUV :KHQ :LOO 6PLWK EHJDQ VHOOLQJ WRPDWRHV IRXU \HDUV DJR KH GLG LW EDFN KRPH LQ 0RUHODQG *$ ZLWK KLV ´3DZ3DZ µ EXW KH VRRQ UHDOL]HG WKHUH ZDV DQRWKHU VDFULILFH KH ZDV Q W SODQQLQJ RQ ´, VWDUWHG JURZLQJ WRPDWRHV DQG VRRQ UHDOL]HG WKH PDUNHW IRU VHOOLQJ LV RQ 6DWXUGD\V µ 6PLWK VDLG ´, WKRXJKW ZHOO KHFN , FDQ W JR WR WKH ODNH LI , DP VHOOLQJ WRPDWRHV 6R ODVW \HDU , GHFLGHG WR VHOO P\ WRPD WRHV RQ WKH ODNH µ

:LOO 6PLWK RI 0RUHODQG *D PDGH WKH GHFLVLRQ WR VHOO WRPDWRHV IURP KLV GRFN D \HDU DJR VR KH FRXOG KDYH WKH EHVW RI ERWK ZRUOGV 3OD\LQJ RQ WKH ODNH DQG VHOO KLV SUL]HG WRPDWRHV +H ZLOO EH VHOOLQJ IURP D P WR S P HYHU\ 6DWXUGD\ VWDUWLQJ -XO\

1HZV WR .QRZ E\ .HOO\ &DOGZHOO

6PLWK VHOOV KLV WRPDWRHV RII KLV SDUHQWV GRFN IRU D SRXQG HYHU\



6DWXUGD\ EHJLQQLQJ )RXUWK RI -XO\ ZHHNHQG ´7KH ILUVW WLPH , GLGQ W EULQJ D ZKROH EXQFK OLNH SRXQGV RI WRPDWRHV µ KH VDLG ´7KRVH VROG RXW ULJKW DZD\ DQG , WKRXJKW WKDW ZDV SUHWW\ FRRO µ 7KH GRFN LV ORFDWHG LQ WKH ILUVW FRYH WR WKH ULJKW DW WKH PRXWK RI :HGRZHH &UHHN 6PLWK EHJDQ PDU NHWLQJ KLV WRPDWRHV WKURXJK D ORFDO ZHEVLWH ´, SXW D ZULWH XS DERXW ZKDW , GRLQJ RQ WKH )LVKLQZHE µ 6PLWK VDLG ´,W VHHPHG WR ZRUN EHFDXVH ZH JRW WZR JX\V WKDW FDPH XS IURP WKH EULGJH WR EX\ EHFDXVH WKH\ KDG UHDG DERXW LW RQ WKH ZHEVLWH µ 6PLWK VHOOV WRPDWRHV DQG FRUQ HYHU\ 6DWXUGD\ VWDUWLQJ )RXUWK RI -XO\ ZHHNHQG DW KLV SDUHQW·V ODNH 6PLWK LV D VWXGHQW DW 6RXWKHUQ 3RO\WHFKQLF LQ 0DULHWWD ZKHUH KH LV KRPH QHDU WKH PRXWK RI :HGRZHH &UHHN VWXG\LQJ WR EH D PHFKDQLFDO HQJL QHHU DQG IDUPLQJ LV D OLWWOH PRUH PHORQ KHUH DQG WKHUH µ KH VDLG ´, XVXDOO\ FDOO LW D GD\ DURXQG WKDQ MXVW D KREE\ IRU KLP 7KH WRPDWRHV DUH SLFNHG IUHVK S P VR , FDQ JR SOD\ RQ WKH ZDWHU µ ´, KDYH EHHIVWHDN WRPDWR RQ )ULGD\ EHIRUH 6PLWK VHOOV WKHP WR KH VDLG ´%XW ZLWK WRPDWR SODQWV DQG ZH ZLOO DOVR VHOO VLOYHU KLV FXVWRPHUV RQ 6DWXUGD\V EXW \RX SODQWV WHOO SHRSOH WR FRPH VHH PH EHFDXVH , ZLOO KDYH SOHQW\ µ TXHHQ FRUQ DQG PD\EH D ZDWHU ZLOO ZDQW WR JHW WKHUH HDUO\



,QIRUPDWLRQ LV GHHPHG WR EH FRUUHFW EXW LV QRW JXDUDQWHHG RU ZDUUDQWHG LQ DQ\ ZD\ DQG LV VXEMHFW WR FKDQJH


/RFDWLRQV RQ WKH PDS DUH DSSUR[LPDWH IRU GLUHFWLRQV WR SURSHU WLHV GLVSOD\HG FDOO WKH OLVWLQJ DJHQW


'RQ·W IRUJHW DERXW VWRUDJH 7KH KRXVH EXLOGLQJ LQGXVWU\ LV FKDQJLQJ TXLFNO\ DORQJ ZLWK RXU HFRQRP\ )RU PDQ\ \HDUV WKH WUHQG ZDV WRZDUG PRUH DQG PRUH DQG 025( VTXDUH IRRWDJH 7KH ´ELJJHU LV EHWWHUµ WUHQG LV JLYLQJ ZD\ WR VPDUWHU DQG VPDOOHU KRPH GHVLJQV 7KLV WUHQG IRUFHV XV WR UHWKLQN DOO DVSHFWV RI GHVLJQ &UHDWLYH VWRUDJH VROX WLRQV FDQ KHOS VDYH VTXDUH IRRW DJH $1' GROODUV :KHQ EXLOGLQJ D ODNH KRXVH RQH RI WKH ILUVW TXHVWLRQV WR DVN LV ´:KHUH ZLOO , NHHS DOO P\ WR\V"µ &DUV ERDWV -HW 6NLV *ROI &DUWV :KHHOHUV DQG WKH OLNH WDNH XS D ORW RI VSDFH :KHQ \RX DGG LQ ZDNH ERDUGV VNLV DQG OLIH MDFNHWV \RX FDQ VSHQG DV PXFK PRQH\ RQ DQ DGHTXDWH JD UDJH DV \RX ZRXOG D VPDOO ODNH KRXVH &RQVLGHU GHGLFDWLQJ DQ DUHD RI WKH EDVHPHQW IRU ´7R\ 6WRUDJHµ 0RVW EDVHPHQWV KDYH HQRXJK URRP WR LQFOXGH D JDUDJH GRRU WKDW OHDGV WR D VKRS VWRUDJH VSDFH ,I \RX·UH SODQQLQJ WR VWRUH D ERDW LQ WKH EDVHPHQW \RX PD\ QHHG WR ORZHU WKH EDVHPHQW VODE LQ WKLV DUHD 8QXVHG VSDFH XQGHU D SRUFK FDQ DOVR PDNH JUHDW ODNH VWRUDJH ,I \RX OLYH DW WKH ODNH IXOO WLPH \RX SUREDEO\ ZDQW D JDUDJH ,I WKH ODNH KRXVH LV D VHF

RQG KRPH WKH JDUDJH QHHG QRW EH D FULWLFDO SDUW RI WKH GHVLJQ 6WRUDJH LQVLGH WKH ODNH KRXVH LV MXVW DV LPSRUWDQW $GHTXDWH DQG FRQYHQLHQW IRRG VWRUDJH LV FULWLFDO 7KLV LV HVSHFLDOO\ WUXH LI \RX OLYH LQ 2XWEDFN &RYH DQG GRQ·W ZDQW WR ZDVWH DQ KRXU RQ D ´TXLFNµ UXQ WR WKH : 0 *UR FHU\ $ FRQYHQLHQW ZDON LQ SDQ WU\ LV LGHDO ,I VSDFH LV DW D SUH PLXP FRQVLGHU WDOOHU NLWFKHQ FDELQHWV RU GHFRUDWLYH PHWDO ELQV RQ WRS RI WKH FDELQHWV WR VWRUH IRRG 7KH NH\ LV WR SODQ DKHDG DQG WDNH DGYDQWDJH RI HYHU\ LQFK RI VSDFH LQ WKH NLWFKHQ DQG WKH KRXVH

DUH JUHDW IRU VHDVRQDO VWRUDJH WKDW \RX GRQ·W DFFHVV RIWHQ ,I \RX DUH UHDOO\ WU\LQJ WR GH VLJQ D PLQLPDO \HW IXQFWLRQDO FDELQ FRQVLGHU XVLQJ IXUQLWXUH IRU FORWKHV VWRUDJH UDWKHU WKDQ FORVHWV ,Q RXU FDELQ ZH ERXJKW DQ ROG ZDUGUREH IRU DQG SXW D FRDW RI SDLQW RQ LW 0\ VKRUWV EOXH MHDQV DQG W VKLUWV ORRN ULJKW DW KRPH LQ WKDW ROG FDELQHW 'RQ·W IRUJHW WKH VSDFH XQGHU WKH EHG ZKHQ ORRNLQJ IRU FRQ YHQLHQW VWRUDJH VSDFHV &RQVLGHU EXLOGLQJ D EHG ZLWK SXOO RXW GUDZHUV RU EDVNHWV XQGHUQHDWK 7KLV W\SH RI IXUQLWXUH FDQ EH IXQ SURYLGH JUHDW VWRUDJH DQG JLYH \RXU URRP D ´RQH RI D NLQGµ ORRN 7KHUH DUH D WKRXVDQG ZD\V WR E\ 0D[ )XOEULJKW WDFNOH FRPSOLFDWHG VWRUDJH LV VXHV 7KH LPSRUWDQW WKLQJ LV WR 7KH VSDFH XQGHU VWDLUZD\V SODQ DKHDG 0DNH D WKRURXJK OLVW FDQ SURYLGH JUHDW VWRUDJH $GG D RI HYHU\WKLQJ \RX·OO QHHG ZKHQ GRRUZD\ WR DFFHVV WKLV VSDFH DW WKH ODNH 7KHQ KDYH \RXU &XVWRP GUDZHUV RU VKHOYHV WKDW EXLOGHU RU GHVLJQHU KHOS \RX ILQG FDQ EH DFFHVVHG IURP WKH VLGH RI ´XQXVHGµ SRFNHWV RI VSDFH DQG WKH VWDLUZD\ SURYLGH JUHDW VWRU ´XVHµ WKHP DJH DQG DQ LQWHUHVWLQJ ORRN $OVR FRQVLGHU WXFNLQJ D EXQN EHG XQ GHU D VWDLUFDVH WR VDYH VSDFH 0D[ )XOEULJKW KDV GHVLJQHG DQG 'RQ·W IRUJHW WR WDNH DGYDQWDJH EXLOW GR]HQV RI KRPHV RQ RI DWWLF VSDFH DQG WKH VORSHG DUHD /DNH :HGRZHH EHKLQG NQHH ZDOOV 7KHVH VSDFHV

%XLOW RQ WKH /DNH



)LQGLQJ WUHDVXUHV WDNHV PRUH OXFN WKDQ VNLOO :KHQHYHU IURP DQ HFR ,·P ULGLQJ GRZQ QRPLF GRZQWXUQ D EDFN URDG RU %XW XQOLNH FUXLVLQJ WKH ODNH ,·P DOZD\V WKH ROG 3O\ ORRNLQJ IRU PRXWK DQG WUHDVXUH MXVW GULYLQJ :KHWKHU LW·V D E\ OHWWLQJ VWDFN RI ROG WKH YLVLRQ RI ZRRG RU DQ DQ SRVVLELOLWLHV WLTXH &KHYUROHW IDGH DZD\ EDUHO\ YLVLEOH LQ WKHUH LV D D IDOOLQJ GRZQ WLPH WR VWRS EDUQ RU VRPH WXUQ DURXQG WKLQJ QRW ZRRG DQG ZRUN FRORUHG IORDWLQJ WRZDUG PDN LQ WKH ZDWHU , LQJ LW D UHDO DP DOZD\V RQ LW\ ZKDW WKH KXQW , WU\ WR HYHU WKDW UH ILJKW WKLV XUJH :KHQ \RX DUH WUHDVXUH KXQWLQJ RU ´SLFNLQJµ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·W ,W PXVW EH KRZ D FODVVURRP SHQFLO VKDUSHQHU 7KH KRDUGHU JHWV KLV VWDUW ,WV QRW WKH %XW , GRQ·W WKLQN WKLV LV D EDG KDQGOH ZDV EHQW DQG WKH ZRRG REMHFW WKDW , VHH LW·V WKH SRWHQ WLDO LW FDQ EH , GRQ·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·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

&KDUOH\·V 7UHDVXUHV


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

IXOOWLPH RU ZHHNHQG UHVLGHQW RU LI \RXU MXVW YLVLWLQJ ZKHQ \RX DUH KHUH \RXU D :HGRZHDQ , GRQ W NQRZ KRZ ZRXOG \RX VSHOO LW" $QG DV D :HGRZHDQ \RX DUH SDUW RI RXU FRPPXQLW\ :H DUH DOO SURXG WR KDYH RXU YLVLWRUV DQG ZHHNHQG UHVLGHQWV DQG DSSUHFLDWH ZKDW WKH\ KDYH GRQH WR PDNH XV ZKDW , WKLQN LV WKH PRVW XQLTXH DQG LQYLWLQJ SODFH LQ $ODEDPD , GRQ W WKLQN XV IXOO WLPH UHVLGHQWV WHOO \RX WKDW HQRXJK 7KDQNV DJDLQ &KDUOH\ 1RUWRQ LV FR RZQHU RI 1RUWRQ·V )ORRULQJ D FRPSDQ\ VWDUWHG E\ KLV IDWKHU LQ 1RUWRQ·V )ORRU LQJ SURGXFWV DUH LQ FRXQWOHVV KRPHV RQ /DNH :HGRZHH DQG WKURXJKRXW WKH FRXQW\


'R·V 'RQ·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

'2 %H VHOI VXIILFLHQW .QRZ KRZ WR HQWHUWDLQ \RXUVHOI 2XWVLGH DFWLYL WLHV DUH SOHQWLIXO ZLWK ILVKLQJ KXQW LQJ ZDWHU VSRUWV ELUGZDWFKLQJ HWF $ WULS WR WKH ORFDO JURFHU\ VWRUH FDQ HDVLO\ WXUQ LQWR D VRFLDO DFWLYLW\ EHFDXVH \RX DOZD\V UXQ LQWR VRPH RQH \RX NQRZ

'21 7 %H DIUDLG WR IODXQW \RXU IUHDN VW\OH ORFDOV QHHG HQWHUWDLQPHQW WRR

'2

3DWURQL]H WKH ORFDO EXVLQHVVHV <RX ZLOO EH DEOH WR ILQG PRVW RI \RXU GDLO\ QHHGV KHUH DQG HYHQ D %ULQJ DQ LQGHSHQGHQW VRXUFH RI IHZ VXUSULVHV \RX FDQ·W JHW DQ\ LQFRPH ZLWK \RX 2XU VPDOO WRZQV ZKHUH HOVH DUH JUHDW IRU UHWLUHHV WKRVH ZKR FDQ ZRUN IURP KRPH RU IRU SHRSOH ZKR WUDYHO H[WHQVLYHO\ ZLWK WKHLU MRE ,W LV DOVR D JUHDW SODFH IRU WKH ILJXUH E\ /HLVHO &DOGZHOO LQFRPH SURGXFHUV WR IHHO LQFUHGLEO\ ZHDOWK\ '21 7 %H RIIHQGHG LI WKH ORFDOV FDOO \RX '21 7 WKH ODNH SHRSOH RU WKH *HRUJLD $UULYH LQ D VPDOO WRZQ DQG H[ SHRSOH ,W LV UHDOO\ D WHUP RI HQGHDU SHFW WR ILQG D GHFHQW SD\LQJ MRE PHQW -REV DUH VFDUFH ,I DOO HOVH IDLOV \RX FDQ JHW \RXU UHDO HVWDWH OLFHQVH

'2

6PDOO 7RZQ /LIH

'2 *HW DFWLYH LQ WKH FRPPXQLW\ $WWHQG VRFLDO HYHQWV DQG JHW LQ YROYHG DV WKHUH FDQ QHYHU EH HQRXJK YROXQWHHUV '21 7 &ULWLFL]H DQG WHOO WKH ORFDOV KRZ WKH\ VKRXOG EH UXQQLQJ WKH WRZQ JURXS RU RUJDQL]DWLRQ 7DNH \RXU WLPH WR JHW DFTXDLQWHG ZLWK WKRVH LQYROYHG 'R \RXU UHVHDUFK DERXW KRZ WKH JURXS RU RUJDQL]DWLRQ RS HUDWHV DQG KRZ LW HYROYHG EHIRUH SXWWLQJ \RXU IRRW LQ \RXU PRXWK

'2

%H IULHQGO\ WDON WR SHRSOH .QRZ WKH KDQJRXW VSRWV

'21 7

PXVLF XQWLO ODWH LQ WKH QLJKW RQ WKH WK RI -XO\

'2 &RQGXFW \RXUVHOI RXWVLGH WKH KRXVH DV LI HYHU\RQH LV ZDWFKLQJ EHFDXVH VRPHRQH LV DQG WKDW PHDQV HYHU\RQH ZLOO NQRZ ZKDW \RX GLG

'21 7 'R VRPHWKLQJ WKDW ZLOO FDXVH IRONV WR WDON WUDVK DERXW \RX ,I \RX GR LW ZLOO EH \RXU VLJQDWXUH IRU OLIH MXVW OLNH WKH JX\ ZKR KLW WKH GHFN DQG WKRXJKW LW ZDV JXQILUH ZKHQ LW ZDV RQO\ D VSDUNOHU ERPE 1R ERG\ ZLOO IRUJHW

'2 $FFHSW \RX DUH QRZ OLYLQJ OLIH LQ WKH VORZ ODQH

'21 7 %H WKDW KHUPLW FUD]\ ODG\ RU PHDQ RO PDQ ZKR QHYHU WDONV WR DQ\RQH

'2 %H JHQHURXV ,W GRHVQ·W PDWWHU LI \RX VKDUH D NLQG ZRUG OHQG D KHOS LQJ KDQG RU VLPSO\ SUDFWLFH WKH VPDOO WRZQ ´&DU :DYH µ :H DUH D IULHQGO\ JURXS RI SHRSOH ZKHQ JLYHQ WKH FKDQFH

'21·7

%H VK\ :H DUH QRW VR \RX VKRXOGQ·W EH ,QWURGXFH \RXUVHOI DQG \RX PLJKW EH VXUSULVHG ZKR \RX ZLOO PHHW /HLVHO &DOGZHOO LV WKH JHQHUDO PDQDJHU RI /DNH :HGRZHH /LIH 6KH '2 JUHZ XS LQ 5DQGROSK &RXQW\ DQG KDV 8QGHUVWDQG WKDW WKHUH LV D ELW RI OHDUQHG ZKDW LW WDNHV WR OLYH ODUJH LQ D ODZOHVVQHVV LQ D VPDOO WRZQ VPDOO WRZQ 6KH DOVR KDV OHDUQHG QRW WR '21 7 WDNH OLIH WR VHULRXVO\« $W OHDVW VRPH RI &DOO WKH FRSV HYHU\ WLPH \RXU WKH WLPH ,I \RX ZDQW WR VKDUH \RXU QHLJKERUV ILJKW SDUN WKH ZURQJ GR·V DQG GRQ·WV VHQG WKHP WR ZD\ RQ \RXU VWUHHW RU SOD\ ORXG LQIR#ODNHZHGRZHHOLIH FRP *RVVLS %H IRUHZDUQHG DOPRVW HYHU\RQH LV NLQ LQ VRPH VKDSH IRUP RU IDVKLRQ



-HQQLIHU $ODP路V ZDON WKURXJK &OD\ &RXQW\


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


(DUO\ 6XPPHU %DVV RQ /DNH :HGRZHH $V WKH SOHDVDQW DQG YHU\ FRPIRUWDEOH PLG WR XSSHU GHJUHH GD\V RI WKH VSULQJ VHDVRQ VORZO\ GZLQGOH DZD\ DQJOHUV PXVW SUHSDUH WR DGMXVW WR WKH XSFRPLQJ VXPPHUWLPH ZHDWKHU MXVW OLNH WKH EDVV WKH\ SXUVXH DV WKH\ DUH FRQVWDQWO\ UH PLQGHG E\ WKH HYHU LQFUHDVLQJ DLU WHPSHUDWXUHV QRZ LQ WKH QLQHWLHV LW ZLOO VRRQ EH HYHQ KRWWHU 3ULRU WR WKRVH LQHYLWDEO\ ORQJ KRW VZHOWHULQJ GD\V RI VXPPHU DLU WHPSHUDWXUHV FDQ VXGGHQO\ VRDU LQWR WKH ORZ ·V OLNH ULJKW QRZ EXW HYHQ ZLWK ULVLQJ DLU WHPSHUD WXUHV WKHUH LV VWLOO KRSH IRU WKH GD\ WLPH DQJOHU 7KHUH LV D VL[ WR HLJKW ZHHN SH ULRG URXJKO\ ODVWLQJ IURP ODWH 0D\ ULJKW RQ LQWR WKH ODWWHU SRUWLRQ RI -XO\ ZKLFK LQ ILVKLQJ WHUPV LV RIWHQ ODEHOHG ´WRSZDWHU WLPHµ RU SODLQO\ SXW ´ MXVW VRPH JUHDW WLPHV WR H[SHFW VRPH IDQWDVWLF HDUO\ VXPPHU WRS ZDWHU DFWLRQ ´ $V RZQHU RI 5HHGV *XLGH 6HU YLFH JXLGLQJ RQ /DNH :HGRZHH VLQFH LW ZDV ILUVW LPSRXQGHG LQ , UHDOO\ ORRN IRUZDUG WR WKH HDUO\ GD\V RI VXPPHU 7DNLQJ FOLHQWV EDVV ILVKLQJ RQ /DNH :HGRZHH IRU RYHU \HDUV QRZ KDV DOZD\V FDOOHG IRU EHLQJ SUHSDUHG EHIRUHKDQG :KLFK DO ZD\V LQFOXGHV SUH ULJJLQJ VHYHUDO URGV ZLWK YDULRXV W\SHV RI WRSZD WHU OXUHV 2I FRXUVH VRPH URGV DUH DOZD\V ULJJHG ZLWK WKRVH RWKHU OXUH FKRLFHV«LI ZH QHHG WKHP ,·YH KDG WKH SOHDVXUH RI WDNLQJ PDQ\ DQJOHUV EDVV ILVKLQJ RQ /DNH :HGRZHH 6RPH WKDW DUH ODNHVLGH UHVLGHQWV 2YHU WKH SDVW IHZ \HDUV /DNH :HGRZHH /LIH

WKH ODNH·V VKRUHOLQH SRSXODWLRQ KDV JURZQ 0DQ\ RI WKHVH DQJOHUV , WDNH ILVKLQJ RQ WKLV ODNH \HDU URXQG DUH SHRSOH IURP WKH QHDUE\ WRZQ RI :HGRZHH $O 6RPH DUH EDVV WRXU QDPHQW DQJOHUV WKDW UHVLGH WKURXJKRXW $ODEDPD DQG PDQ\ DQJOHUV FRPH WR WKLV ODNH IURP VXU URXQGLQJ VWDWHV

+RRNHG RQ /DNH :HGRZHH E\ 5HHG 0RQWJRPHU\ 7KHQ WKHUH DUH WKRVH DQJOHUV WKDW DUH YHU\ VHULRXV DERXW WKHLU EDVV ILVKLQJ RQ WKLV ODNH DQG EH OLHYH PH WKHUH KDYH EHHQ PDQ\ DQ JOHUV WKDW KDYH DFWXDOO\ FRPH WR WKLV ODNH ² VRPH KDLOLQJ IURP DOO RYHU WKH 8QLWHG 6WDWHV WKDW WUDYHO PDQ\ PLOHV WR WKLV WUXH WURSK\ EDVV ODNH ZLWK RQH WKRXJKW LQ PLQG )RROLQJ WKDW EDVV RI D OLIH WLPH LQWR ELWLQJ /DNH :HGRZHH XQNQRZQ WR PDQ\ SHRSOH LV ORDGHG ZLWK D ORW RI ELJ WURSK\ VL]HG ODUJHPRXWK EDVV DQG LW KDV D YHU\ KHDOWK\ SRSXODWLRQ RI WKH 7DOODSRRVD 5LYHU EUHHG RI VSRWWHG EDVV DV ZHOO 7KHUH KDYH EHHQ GR]HQV RI

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´OLIH ORQJ WDVNµ E\ MXVW VLPSO\ EHLQJ RQ /DNH :H GRZHH«DQ\WLPH 1H[W" 6LPSOH MXVW ILVK KDUG DQG KDYH SOHQW\ RI FRQILGHQFH /LNH RQ DQ\ ILVKLQJ WULS &DVWLQJ \RXU IDYRULWH OXUHV RQ DQ\ JLYHQ ILVKLQJ WULS DQG EHLQJ SUHSDUHG IRU WKH ELJ RQH ZLWK VWRXJKW HTXLSPHQW VKDUS KRRNV VWURQJ ILVKLQJ OLQH D SURSHUO\ DG MXVWHG UHHO GUDJ DQG D JRRG ODQG LQJ QHW DOZD\V EUHHGV VXFFHVV $OZD\V NHHS LQ PLQG ZKHQ ILVKLQJ /DNH :HGRZHH«RQ DQ\ FDVW \RX FRXOG EH D KHUR 7DFNOLQJ /DNH :HGRZHH·V (DUO\ 6XPPHU %DVV ,Q WHUPV RI ILVKLQJ WDFNOH WR


GD\·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·V OXUH FKRLFHV LQ WKRVH ZDONLQJ MHUNLQJ W\SH WRS ZDWHU OXUH FDWHJRU\ OHDYHV PDQ\ FKRLFHV WR FRQVLGHU 6FKRROLQJ EDVV PD\ DSSHDU DW DQ\ WLPH ZKLOH \RX DUH HLWKHU ILVK LQJ ULJKW RQ WKH PDLQ ODNH RU WKH\ FRXOG HUXSW H[SORGLQJ WKURXJK WKH ZDWHUV VXUIDFH ZKLOH \RX DUH ILVK LQJ XS LQ DQ\ RI WKH ODNH·V PDMRU IHHGHU FUHHNV VPDOO FXWV RU SRFN HWV $QG WKHUH DUH D ORW RI WKHVH NLQG RI EDVV KROGLQJ VSRWV RQ /DNH :HGRZHH WR H[SORUH 6R GXULQJ 0D\ -XQH DQG ZK\«DERXW DQ\ WLPH NHHS LQ PLQG $OZD\V KDYH D WRSZDWHU OXUH RU VHYHUDO WRSZDWHU OXUHV WLHG RQ D IHZ URGV ULJJHG DQG UHDG\ IRU WKHVH IDVW VXUIDFLQJ EDVV 7KHUH·V QR WLPH IRU TXLFNO\ ULJJLQJ ZKHQ WKH\ GR VXGGHQO\ DSSHDU )RU DW WLPHV WKH\ RQO\ VWD\ XS IHHGLQJ IRU D VKRUW SHULRG RI WLPH RQO\ WR EH VHHQ D KXQGUHG \DUGV DZD\ DIWHUZDUGV -XVW RXW RI FDVW LQJ GLVWDQFH %\ WKH WLPH \RX WLH RQ

D WRSZDWHU OXUH«WKH\ PD\ KDYH JRQH EDFN GRZQ :LWK SUDFWLFH HYHQ WKHVH VRPH WLPHV KRRN WRSZDWHU OXUHV FDQ EH PDQLSXODWHG WR PDQHXYHU WKHP DOO LQ DQG DURXQG /DNH :HGRZHH·V ´EDVV KROGLQJµ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·V ZKHUH , FRPH LQ .HHS LQ PLQG GXULQJ WKLV SRVW VSDZQ SHULRG DQG DOO WKURXJKRXW WKH HDUO\ VXPPHU VHDVRQ /DNH :HGRZHH·V ODUJHPRXWK EDVV DQG VSRWWHG EDVV ZLOO KLW DERXW DQ\ OXUH \RX KDYH LQ \RXU WDFNOH ER[ 2U \RX FDQ DOZD\V FDOOLQJ RQ 5HHGV *XLGH 6HUYLFH«ILUVW $QG VHH KRZ

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«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«ILUVW 0RUH RQ 1LJKW )LVK LQJ IRU /DNH :HGRZHH·V EDVV QH[W PRQWK *LYH LW D WU\ 1LJKW )LVKLQJ ,W·V D ZKROH GLIIHUHQW ZRUOG« 8QWLO WKHQ 7KDQNV DQG *RRG )LVKLQ· 5HHG 0RQWJRPHU\ 5HHGV *XLGH 6HUYLFH ZZZ ILVKLQJDODEDPD FRP ´2YHU <HDUV *XLGLQJ RQ $OO RI $ODEDPD·V /DNHV IRU $OO 6SHFLHV RI %DVV DQG 6WULSHUVµ /DNH :HGRZHH /LIH




6

XPPHU LV KHUH DQG VR LV WKH ZDUP ZHDWKHU .LG V DUH RXW RI VFKRRO ZLWK WKHLU HQGOHVV DSSHWLWH V 'R \RX KDYH D VWHDG\ IORZ DW \RXU KRXVH GXULQJ WKH VXPPHU RI KXQJU\ \RXWK" , GRQ W UHPHPEHU HDWLQJ DV PXFK DV P\ IDPLO\ GRHV ZKHQ , ZDV D FKLOG $OWKRXJK P\ 0DPD GLGQ W SUR YLGH XV ZLWK D EXIIHW RI VQDFNV WR FKRRVH IURP DV ZH GR WRGD\ 6DOWLQH FUDFNHUV DQG SHDQXW EXWWHU D FROG ELV FXLW DQG VRPHWLPHV D KRPHPDGH FDNH RU FRRNLHV ZDV DERXW LW DW WKH 3DUPHU KRXVH

)81 $1' 1875,8286 6WUDZEHUU\ <RJXUW 6ZLUO 3RSV DUH D JUHDW VXPPHU WUHDW /RJDQ %XWOHU DQG $O\VVD %DLOH\ HQMR\HG VDPSOLQJ WKHP RQ D UHFHQW KRW VXPPHU GD\

6LPSO\ )DEXORXV 6WRU\ E\ 'DUOHQH %DLOH\ 3KRWR E\ .HOO\ &DOGZHOO /HW PH VD\ WKDW ZKHQ LW ZDV PHDO WLPH ZH DWH ZKDWHYHU 0DPD KDG RQ WKH WDEOH 6RGD DQG FKLSV ZHUH RQO\ VHUYHG ZKHQ ZH KDG D IULHG KDP EXUJHU 7KRVH ZHUH WKH GD\V 1RZ WKDW , KDYH ILQLVKHG P\ ZDON GRZQ PHPRU\ ODQH $O\VVD /RJDQ DQG , ZDQW WR VKDUH D FRRO DQG UHIUHVKLQJ WUHDW ZLWK \RX <RX UH JRQQD ORYH WKHVH 6ZLUO 3RSV VR ZDVK \RXU KDQGV DQG /HW V FKLOO *ODVV 6OLSSHU (YHQWV 7R VHH PRUH RI 'DUOHQH·V UHFLSHV IHD WXUHG LQ /DNH :HGRZHH /LIH PDJD]LQH YLVLW ZZZ ODNHZHGRZHHOLIH FRP

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



:KR·V 5HDGLQJ /DNH :HGRZHH /LIH"

-HII &RRN $ERYH )RXQGLQJ PHPEHU RI WKH JURXS $ODEDPD YLVLWHG $OD EDPD UHFHQWO\ WR SURPRWH KLV QHZ DOEXP ZLWK WKH $OOVWDU *RRGWLPH %DQG 6KDNHQ 1RW 6WLUUHG DQG KH WRRN WLPH WR ORRN WKURXJK /DNH :H GRZHH /LIH ZLWK .HYLQ 0RRQ .HOO\ &DOGZHOO ULJKW JDYH /DQFH 0LOOHU D FRS\ RI WKH PDJD]LQH ZKHQ KH SOD\HG WKH +LVWRULF $VKODQG 7KHDWUH LQ $SULO 0LOOHU ZDV D ILQDOLVW RQ WKH VHDVRQ RI 1DVKYLOOH 6WDU DQG KDV VLQFH GHYRWHG KLV WLPH WR VRQJ ZULWLQJ LQ 1DVKYLOOH

/DNH :HGRZHH /LIH


&ODXGLD DQG &RRSHU 3HUU\ WRRN WKH $SULO 0D\ LVVXH WR 'LVQH\ :RUOG IRU VSULQJ EUHDN %HOLQGD *UHHQ )DLWK +HQGHUVRQ 6WHSKD QLH &UDZOH\ DQG &KULV %DWWH·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´6XEVFULEH +HUHµ OLQN LV DW WKH WRS RI HYHU\ SDJH RQ WKH ZHEVLWH 2QFH \RX ILOO RXW \RXU FRQWDFW LQIRUPDWLRQ \RX ZLOO WKHQ EH DEOH WR VXEPLW \RXU XSFRPLQJ HYHQWV DQG VHH DGGL WLRQDO FRQWHQW RQ WKH ZHEVLWH 0$*$=,1( 7KH SRVWLQJ RI DQ HYHQW LQ WKH µ8SFRPLQJ (YHQWVµ VHFWLRQ RI WKH PDJD]LQH ZLOO EH XQGHU WKH IROORZLQJ WHUPV DQG VXEMHFW WR /DNH :HGRZHH /LIH PDJD]LQH DSSURYDO x ,Q FRQMXQFWLRQ ZLWK D SDLG HYHQW DGYHUWLVLQJ LQ WKH PDJD]LQH IRU WKH XSFRPLQJ LVVXH x $ SDLG DGYHUWLVHU DGYHUWLVLQJ LQ WKH XSFRP LQJ LVVXH RI WKH PDJD]LQH DQG LV D VSRQVRU RU FRQQHFWHG WR D ORFDO HYHQW WR EH KHOG ZLWKLQ WKH WLPH IUDPH RI WKH QH[W XSFRPLQJ LVVXH RI WKH PDJD]LQH x 3D\ LQ DGYDQFHG WR KDYH D ORFDO HYHQW SODFHG LQ WKH ´8SFRPLQJ (YHQWVµ VHFWLRQ RI WKH PDJD]LQH

$GYHUWLVHU LV UHVSRQVLEOH IRU SURYLGLQJ LQ ZULW LQJ WKH GDWH WLPH HYHQW QDPH DGPLVVLRQ FRVW OR FDWLRQ DQG FRQWDFW SHUVRQ WR /DNH :HGRZHH /LIH PDJD]LQH


0D\ 6XQ :RU VKLS RQ WKH :DWHU 5HY 6WHYH 'HDQ &RPPXQLW\ /,)( PXVLF E\ 0LNH &DLQ DQG WKH &RPPXQLW\ /,)( 3UDLVH DQG :RUVKLS 7HDP D P DW /DNH VLGH %RDW /DXQFK :H GRZHH $/ -XQH 6DW 6XPPHU RQ 0DLQ 6WUHHW )HVWLYDO /LYH (Q WHUWDLQPHQW D P S P 5RDQRNH $/ -XQH 6XQ :RUVKLS RQ WKH :DWHU 5HY 1RHO YLFH IURP WKH %LJ 2DN %R\·V 5DQFK PXVLF E\ 6FRWW %UDQG 7KH 7UDPPHOOV D P DW /DNHVLGH %RDW /DXQFK :H GRZHH $/ -XQH ² 6WDU &DPS IRU .LGV DW 7KH +LVWRULF $VKODQG 7KHDWUH D P S P 5HJLVWUDWLRQ UHTXLUHG )RU PRUH LQIRUPDWLRQ HPDLO URELQ#WKHDVKODQGWKHDWUH FRP $VKODQG $/ -XQH 6DW 7KLUG $QQXDO 'RZQWRZQ $UW 6KRZ DQG 7KH *UHDW $PHULFDQ +RPHFRPLQJ KRVWHG E\ WKH (DVW $ODEDPD $UWV 6RFLHW\ DQG 7KH $ODEDPD 7RXULVP 'HSDUWPHQW D P WR S P :HGRZHH $/ -XQH 6DW QG 6DWXUGD\ RQ WKH 6TXDUH $VKODQG $/ -XQH 6DW $GXOW DQG &KLOGUHQ·V 3OD\ $XGLWLRQV DW 7KH +LVWRULF $VKODQG 7KHDWUH $OO DJHV QHHGHG <RXWK DXGLWLRQLQJ IRU 'LVQH\·V $ODGGLQ -U DQG $GXOWV DXGLWLRQLQJ IRU &RWWRQ 3DWFK *RV SHO )RU PRUH LQIRUPDWLRQ YLVLW ZZZ 7KH$VKODQG7KHDWUH FRP $VKODQG $/ -XQH 6XQ :RUVKLS RQ WKH :DWHU -DFRE :LONHUVRQ <RXWK 0LQLVWHU )LUVW 8QWLHG 0HWKRGLVW &KXUFK 5RDQRNH PXVLF E\ /DXUD &DPSEHOO 7KH /DGLHV &RPPX QLW\ &KRUXV D P DW /DNHVLGH %RDW /DXQFK :HGRZHH $/ -XQH 6XQ :RUVKLS RQ WKH :DWHU 1DWH 3DXON &DPSXV 'LUHF

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·V 'HSW 5RGHR $GPLVVLRQ :DWHU 5HY *DU\ +HQGHUVRQ /DQ *DWHV RSHQ DW S P DQG HWW $/ PXVLF E\ 5RQQLH %UDJJ URGHR VWDUWV DW S P +Z\ D P DW /DNHVLGH %RDW /DXQFK 1 MXVW DERYH :HGRZHH %XLOG :HGRZHH $/ LQJ 6XSSO\ :HGRZHH $/ -XO\ 7KXUV 6XPPHU 6L] -XO\ 6DW WK RI -XO\ %RDW ]OH &RQFHUW PXVLF E\ +RSH·V 3DUDGH SDUDGH VWDUWHV DW DW -RXUQH\ DQG RWKHU JRVSHO JURXSV 5( 0$; /DNHIURQW DQG HQGV DW KRVWHG E\ WKH &OD\ &RXQW\ $UWV /DNHVLGH 0DULQD DQG *ULOO ZLWK /HDJXH S P DW WKH /LQHYLOOH ZLQQHUV DQQRXQFHG %RDWV PXVW 5HFUHDWLRQDO 3DUN /LQHYLOOH $/ EH SUH UHJLVWHUHG WR SDUWLFLSDWH -XO\ DQG $XJ 'LV 5HJLVWUDWLRQ DYDLODEOH DW :HGRZHH QH\·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


, DOZD\V PHDQ WR SDXVH WKLQN DQG SODQ PRUH LQYHVW PRUH RI P\ VHOI RQ D WUHDVXUHG JRDO ZKHQ ,·P IRFXVHG DQG HIIHFWLYH EXW WRR RI WHQ , GRQ·W , DOZD\V PHDQ WR VWRS HYHQ IRU MXVW D OLWWOH ZKLOH DQG ORRN OLVWHQ QRWLFH DQG DSSUHFLDWH ZKHUH , DP DQG ZKHUH ,·P JRLQJ EXW WRR RIWHQ , GRQ·W 3HUKDSV OLNH \RX , VHH ZKDW FDOOV PH DQG WKH OLVW LV ORQJ HYHQ RQ D JRRG GD\ -XVW ZRUN KDUGHU , GHFLGH 7KHQ PD\EH ,·OO KDYH PRUH WLPH WR PDNH WKDW ZKDW ,·YH DOZD\V ZDQWHG FRPH WUXH 7KHQ WKH EDE\ FKLFNV DUULYH 1RLV\ QHHG\ VRIW DV DLU WKH\ OLYH LQ D ER[ VDIH DQG ZDUP PRVW RI WKH WLPH EXW DV WKH GD\OLJKW ODVWV ORQJHU , FDUW WKHP RXWVLGH OLNH IUDJLOH ODXQGU\ GHVSHUDWH IRU

/DNH :HGRZHH /LIH

WKH VXQ /RRVH RQ WKH JURXQG WKH\ H[SORUH WKH QRQ H[LVWHQW ERXQGDU\ DIUDLG RI QRWKLQJ KXQJU\ IRU HYHU\WKLQJ $QG , ZDWFK WKHP

/LIH LQ WKH 6RXWK E\ .DURQ *RRGPDQ +RPH IURP ZRUN , WHQG WR WKHP ILUVW 7KH\·UH HDJHU WR JHW RXW DQG SOD\ EXW WKH\·UH PRUH GH IHQVHOHVV WKDQ D JXLOW\ FRQVFLHQFH VR , VWD\ ZLWK WKHP RQ WKH JUDVV RU WKH OHDYHV ZLWKLQ UHDFK 7KH\ ZDGGOH DQG VFUDWFK RQO\ QHHGLQJ P\ SUHVHQFH VR P\ H\HV IROORZ WKHP DQG P\ PLQG GRHV VRPH WKLQJ XQH[SHFWHG ,W RSHQV DV ZLGH DV WKH FKLFNV· QHZ IRXQG IURQWLHU

, KDYH WR EH VWLOO VR , DP , QHHG WR VWD\ WKHUH ZLWK WKHP VR , GR $QG ZKLOH P\ KDQGV SDXVH UHDG\ WR UXE %REE\-R·V FKHVW ZKHQ VKH WRGGOHV RYHU DQG DVNV P\ PLQG LV IUHH WR SDXVH DV ZHOO WR MR\ LQ WKH VLPSOLFLW\ RI VLWWLQJ ZLWK D EDE\ FKLFNHQ RQ HDFK OHJ ZKLOH P\ PXOWL WDVNLQJ LV SXW RQ KROG 0\ PLQG LV DW UHVW ZLWK WKH XQ EXV\ QHVV DQG XQ FRPSOLFDWHG QHVV WKDW LV D FKLFNHQ·V OLIH $QG , UHDOL]H LW FDQ EH PLQH WRR , FDQ SDXVH QRZ WKLQN DQG SODQ QRZ DQG WKHQ DO PRVW E\ VXUSULVH UHDFK FORVHU WR P\ EHORYHG GUHDPV ZKHQ ,·P GRQH KHUH EHFDXVH ,·P EHWWHU IRU P\ WLPH VSHQW RQ WKH JURXQG :KHQ , KDYH WKH EDELHV DOO EXW WRQHG XS VDIH IRU WKH QLJKW , FDQ WHQG WR WKH OLVW >WKHUH·V DOZD\V D


OLVW@ 0\ FKRUHV WR GR DUH WKH VDPH EXW ,·P GLIIHUHQW ,·P UHQHZHG QRW UHVHQWIXO UHDG\ WR UHVWDUW 7KH URXWLQH ZRUN JHWV GRQH DQG P\ GUHDPV KDYH EHHQ UHWXUQHG WR WKH IRUHJURXQG RI P\ VWDJH >DV WKH\ VKRXOG EH@ EHFDXVH ,·YH EHHQ ZDWFKLQJ FKLFNHQV DQG DOORZLQJ ZKDW PDWWHUV PRVW WR FRPPDQG WKH IURQW OLNH WKH WDVW\ EXJ WKH FKLFN VFUDWFKHV WR XQHDUWK OHDYLQJ OHDYHV DQG GLUW SXVKHG DVLGH DV VFHQHU\ RQO\ 7KDW·V ZKDW WKH URX WLQH ZRUN EHFRPHV VFHQHU\ DURXQG ZKHUH , PDNH GUHDPV FRPH WUXH ZLWK QHZ IRFXV DQG SUH FLVLRQ %HFDXVH ,·YH EHHQ ZDWFKLQJ FKLFNHQV 7KH SHVN\ LQWHUUXSWLRQ ,·G DW ILUVW H[SHFWHG LW WR EH , OHDUQ TXLFNO\ WKDW ZDWFKLQJ FKLFNHQV EULQJV FODULW\ DQG SHDFH , FKRRVH PLQLPDO FRQWURO IRU D ZKLOH RQH WKLQJ DW D WLPH DQG WKDW VHHPV WR

ZRUN EHVW 3HUKDSV , VKRXOG SUDF WLFH WKDW HOVHZKHUH +RZ GR \RX ´ZDWFK FKLFNHQVµ" +RZ GR \RX SDXVH VWLOO DQG TXLHW DQG NHHS \RXU OLIH JRLQJ LQ WKH GL UHFWLRQ \RX FKRRVH RQ SXUSRVH" 6XUH ZH DOO KDYH WLPHV RI IDPLO\ WUDXPD RU RWKHU KRUURUV ZKHQ ZH FDQ·W VSDUH WKH EUDLQ FHOOV WR DSSO\ WR PRUH WKDQ VXUYLYDO EXW DVLGH IURP WKRVH FLUFXPVWDQFHV ZH XVX DOO\ JR LQ WKH RSSRVLWH GLUHFWLRQ ² OLYLQJ LQ WKH HYHU\GD\ VWXII RI URX WLQH ZD\ WRR PXFK QHYHU XQHDUWK LQJ DQ\WKLQJ MXVW ZDGGOLQJ LQ WKH EDFNGURS 3UHWW\ VRRQ WKH EDELHV GRQ·W QHHG P\ KRYHULQJ YLJLODQFH VR PXFK DQG , FDQ JHW WR WKH OLVW VRRQHU 2U QRW ,·YH OHDUQHG LW NHHSV ZHOO H[FHSW IRU WKH WUXO\ XUJHQW LWHPV DQG WKRVH DUH UDUHU WKDQ DQ XJO\ EDE\ FKLFN 6R QRZ ZDWFKLQJ FKLFNHQV LV D FKRLFH ,

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·G ORYH WR NQRZ KRZ \RX ´ZDWFK FKLFNHQVµ WRR VR SOHDVH VKDUH \RXU VWRULHV

/DNH :HGRZHH /LIH


6NHHWHU JRW LW VWUHWFKHG RXW ZH RQO\ KDG DERXW D KXQGUHG IRRW ,W GLG UHDFK DURXQG WR WKH EDFN VLGH IRU D ELJ ROH ORQJ OHDI SLQH 1RZ ZH KDG WKLV ROG VL[ YROW IODVKOLJKW EDWWHU\ VR ZH DQG , GR PHDQ ZH FDXVH 5HG PDGH PH VWD\ ZLWK KLP UDWKHU WKDQ JRLQJ ZLWK &X] DERXW DQRWKHU WKUHH KXQGUHG \DUGV IXUWKHU DZD\ :H KRRNHG WKH ILUVW ZLUH XS DQG DV , KROOHUHG ´)LUH LQ WKH KROHµ 5HG VHW HU RII :KRRP $QG , GR PHDQ :+220 7KH\ PXVWD IHOW LW VODS RYHU DW 7LQ 6KRS , GR KRQHVWO\ EHOLHYH P\ IHHW OHIW WKH JURXQG D IRRW RU WZR , GLGQ·W NQRZ ZKHWKHU WR IOLS RU IO\ -XVW ZKHQ , WKRXJKW LW ZDV RYHU JUDYLW\ FDPH LQWR SOD\ DQG DOO WKDW VWXII ZH EOHZ XS FDPH EDFN GRZQ $QG , GR PHDQ VWXII D ORW RI VWXII URFNV VWLFNV ZDWHU PLQQHUV VSUDQJ OL]]DUV DQG D ELUG RU WZR $IWHU FKHFNLQJ HDFK RWKHU RYHU WR VHH LI ZH ZDV PLVVLQJ DQ\ SDUWV RU SLHFHV ZH KHDGHG RII WRZDUG WKH GDP :KHQ ZH JRW WKHUH WKH GDP ZDV JRQH DQG ZLWKLQ D IHZ PLQXWHV VR ZDV WKH ILYH DFUHV RI ZDWHU ,W OHIW VR IDVW LW FDUULHG ILVK WXUWOHV PXG EXJV DQG HYHQ D EHDYHU FDPH E\ DW D IDVW UDWH RI VSHHG DQG KH ZDV VZLPPLQJ XSVWUHDP :H

/DNH :HGRZHH /LIH

&RQWLQXHG IURP 3DJH

GHFLGHG DW WKLV SRLQW WR ORDG XS DERXW D IRRW GHHS DQG FRXOG JHW DQG KHDG RII RYHU WR ´0DZ P\ IHHW WR PRYH DQG KH ZDV )XOOHUVµ DW WKH *HRUJLD OLQH FORVLQJ JURXQG ZLWK WKH ELJ ROH VHHLQJ KRZ VKH ZDV WKH FORVHVW ZKLWH PRXWK RSHQ DOO , FDQ GR LV VXSSOLHU RI FROG EHYHUDJHV WKH VFUHDP DW WKH WRS RI P\ W\SH EHYHUDJH WR KHOS RQH JHW OXQJV«´5(' +(////3«5(' +(///3« +(///3µ«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·P EDUUHO DQG , OHW HU URFN DQG WKLQNLQJ \HS , GRQH JRW PH UROO« LQ WKH FOLS ZLWK RQH XS DQRWKHU ZKHQ RXW RI WKH JUDVV WKH VSRXW DQG , VKRW WKHP DOO FRPHV WKH PDGGHVW FRWWRQPRXWK , ZLWKLQ RQH RU WZR IHHW RI P\ RZQ KDG HYHU VHHQ , JXHVV KH ZDV WZR IHHW QHYHU WRXFKHG KLP UHFRYHULQJ IURP WKH VKHOO VKRFN %XW , GLG JHW P\ IHHW PRYLQJ DQG WRR EXW KDG QRW EHHQ DEOH WR JHW P\ IHHW GLGQ·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·W JHW LW RXW , ZDV LQ PXG 6NHHWHU


,QGH[ RI $GYHUWLVHUV $ ( 0HWDO

3XUVDQJ &XVWRP +RPHV

$ 0 ,QVXODWLRQ

5DQGROSK &R ,QGXVWULDO 'HYHORSPHQW &RXQFLO

5( 0$; /DNHIURQW *UDG\ /LQGD 6WRQH

$*/

$OO 'HFNHG 2XW

5( 0$; /DNHIURQW -RVHSKLQH 0F*XLUH

$YD +LOOV $VVLVWHG /LYLQJ

5( 0$; /DNHIURQW .HOO\ DQG /HLVHO &DOGZHOO

%DQN RI :HGRZHH

5(0$;

%ULDQ 0RUULV )LVKLQJ *XLGH 6HUYLFH

5REHUWVRQ V *DUDJH

%URZQVEULGJH 'RFN &RPSDQ\

6FRWW +HZLWW $WWRUQH\ DW /DZ

&DOGZHOO %XLOGHUV

6PDOO7RZQ %DQN

&KDG /HH $WWRUQH\ $W /DZ

6RXWKHUQ 8QLRQ

&KDUOHV 7KRPSVRQ &RQVWUXFWLRQ

6WDWH )DUP ,QVXUDQFH

&OD\ &RXQW\ &KDPEHU RI &RPPHUFH

6WHHOH &KLURSUDFWLF

&RULQQH &R[ 'HVLJQV

6XPPHU 6L]]OH

' 6 0DULQH

6XPPLW 6WRUDJH

'RFNV (7&

6XSHULRU *DV

(PHUDOG 5HDOW\ %LOO\ 5REHUWVRQ

7DOODSRRVD 5LYHU (OHFWULF &RRS

)DUPHUV ,QVXUDQFH

7(& 6HFXULW\

)LVKLQJ $ODEDPD

7UD\ORU V 7D[ *LIWV

)RXUWK RI -XO\ %RDW 3DUDGH

9LFN\ V

*UHJ 9DUQHU IRU 6WDWH 6HQDWH

: 0 *URFHU\

+ 0 'UXJV

:HGRZHH %XLOGLQJ 6XSSO\

/DNH 9LHZ $XWR 6DOHV

:HGRZHH /DNH DQG /DQGV

/DNH :HGRZHH %RG\ 6KRS

:HGRZHH /DNH DQG /DQGV *HQH &URXFK

/DNHVLGH *ULOO

:HGRZHH /DNH DQG /DQGV 7HUU\ 6KHUULH 1RUWRQ

0DF 0F.LQQH\ 3URSHUWLHV

:HGRZHH /DQGVFDSH

0DLQ 6WUHHW $QLPDO +RVSLWDO

:HGRZHH 0DULQH

0D[ )XOEULJKW 'HVLJQV

:HOOERUQ

0HO V 0DUNHW

:LOOLDPVEXUJ 0DQRU

1RUWRQ V )ORRU &RYHULQJ

:RUVKLS RQ WKH :DWHU

2. 7LUH

<DWHV 'RRU

3HUU\ODQG )RRGV

/DNH :HGRZHH /LIH


%DFN D FRXSOH RI ZHHNV DJR , ZDV RXW LQ WKH VNLQQLQJ VKHG KXOOLQ· D WXUWOH RXW RI KLV VKHOO ZKHQ , UHFDOOHG DQ ROG ILDVFR WKDW PH DQG 5HG KDG DSSUHKHQGLQJ D IHZ WXUWOHV DQG VRPH PXGEXJV 1RZ EHIRUH , JR LQWR WKH GHWDLOV OHW PH NLQGD UHPLQG \RX JX\V KRZ WKLQJV ZHUH EDFN LQ WKRVH GD\V 7KLV KDSSHQHG PDQ\ \HDUV DJR ORQJ EHIRUH WKH ´%UDG\ %LOOµ FDPH DERXW DQG PDQ\ PDQ\ \HDUV EHIRUH ZDV WKUXVW XSRQ XV *XQV DQG H[SORVLYHV ZHUH QRW IURZQHG XSRQ EDFN WKHQ DV WKH\ DUH WRGD\ ,I VR PH DQG 5HG SUREDEO\ ZRXOG KDYH EHHQ DUUHVWHG DV WHUURULVW DQG VWLOO EHHQ LQ MDLO WR WKLV GD\ +HFN EDFN WKHQ HYHU\ERG\ FDUULHG WKHLU GHHU JXQ WR VFKRRO VR ZH FRXOG JR KXQWLQ· DV VRRQ DV VFKRRO OHW RXW 1RERG\ JDYH LW D VHFRQG WKRXJKW WKDW HYHU\ RWKHU FDU RU WUXFN LQ VFKRRO SDUNLQJ ORW KDG D JXQ LQVLGH , FDQ HYHQ UHPHPEHU RQH WLPH FDUU\LQJ PLQH RQ WKH VFKRRO EXV RQH )ULGD\ FDXVH , ZDV VSHQGLQJ WKH ZHHNHQG ZLWK D EXGG\ 7KH EXV GULYHU MXVW FKHFNHG WR EH VXUH WKDW LW ZDV XQORDGHG WKHQ OHDQHG LW RQ WKDW FKURPH UDLO WKDW UDQ EHKLQG KLV VHDW RYHU WRZDUG WKH OHYHU WKDW WKURZHG RXW WKH ´VWRS VLJQµ DQG QHYHU EDWWHG DQ H\H 1RZ DV IDU DV H[SORVLYHV ZHQW DOO FRXQWU\ ER\V NHSW D JRRG VXSSO\ RI 0 ·V RQ KDQG \RX MXVW QHYHU NQHZ ZKHQ \RX PLJKW QHHG D FRXSOH IRU VRPH UHDVRQ RU DQRWKHU $QG DV IDU DV GDQ\ PLWH ZHQW , JXHVV HYHU\ IDUPHU DQG FDWWOHPDQ NHSW D IHZ VWLFNV RQ KDQG VWXFN EDFN LQ D FRRO SODFH /DNH :HGRZHH /LIH

2I FRXUVH WKH FDSV ZRXOG EH VWRUHG LQ DQRWKHU SODFH XVXDOO\ D OLWWOH PRUH VHFXUH 7KH\ ZDV DOZD\V QHHGLQJ D VWLFN RU WZR IRU VWXPS UHPRYDO RU ZHOO GLJJLQJ $QG WKHQ DIWHU WKRVH SHVN\ EHDYHUV VKRZHG XS WKH\ VXUH ZRUNHG ZRQGHUV RQ D EHDYHU GDP 1RZ WKHQ ZLWK DOO WKDW VDLG OHW·V JHW EDFN WR WKH DGYHQWXUH DW KDQG <RX VHH 5HG DQG P\VHOI KDG DOZD\V DFFRPSDQLHG 'DG DQG KLV EXGGLHV ZKHQ HYHU WKH\ ZHQW DQG ´OHW RIIµ EHDYHU GDPV 7KH\ ZRXOG VSHQG D ZKROH GD\ DQG VHYHUDO FDVHV RI EHYHUDJHV GLJJLQJ DQG WHDULQJ WLOO WKH\ FRXOG JHW WKH ZDWHU OHYHO GURSSHG HQRXJK WR FRPPHQFH VHLQLQJ IRU ILVK DQG ORRNLQJ IRU WXUWOH VLJQ 7KH WXUWOH VLJQ ZDV DOZD\V PRUH DSSDUHQW WKH QH[W PRUQLQJ DIWHU WKH WXUWOHV KDG FUDZOHG DURXQG

5HGQHFN $GYHQWXUHV %\ 6NHHWHU GXULQJ WKH QLJKW DQG OHIW IUHVK WUDFNV %XW WKHQ VRPHWLPHV WKHP SHVN\ EHDYHUV ZRXOG IL[ WKH EUHDFK LQ WKH GDP RYHUQLJKW DQG IORRG WKH ZKROH ZRUNV DOO RYHU DJDLQ«%800(5 %DFN LQ WKRVH GD\V 5HG DQG , ZHUH VHULRXV GXFN KXQWHUV VR ZH DOZD\V WRRN QRWH RI DQ\ QHZ EHDYHU GDPV DQG FRPH VXPPHU ZH·G RFFDVLRQDOO\ OHW RQH RII DQG SLFN XS PXGEXJV FUDZILVK DQG ORRN IRU WXUWOHV ,W ZDV D FRQVLGHUDEOH DPRXQW RI ZRUN DQG

GLG WDNH D FRQVLGHUDEOH DPRXQW RI EHYHUDJHV 7KHUH KDG WR EH D EHWWHU ZD\ 5HG EHLQJ DOPRVW D \HDU ROGHU WKDQ PH ZDV PRUH D PDQ RI WKH ZRUOG DQG KDG PRUH DFTXDLQWDQFHV WKDQ PH DQG ORZ DQG EHKROG FDPH XS ZLWK DERXW D GR]HQ VWLFNV RI ´GDQ\ PLWHµ DQG VHYHUDO FDSV 7KH IHOORZ IURP ZKRP 5HG KDG DFTXLUHG WKH VWXII WROG KLP LW ZDV ROG DQG GLGQ·W NQRZ LI LW ZDV DQ\ DFFRXQW EXW WR EH FDUHIXO DQG QRW EORZ KLPVHOI XS +H GLG JLYH 5HG EDVLF LQVWUXFWLRQV RQ KRZ WR LQVHUW WKH FDS EHG WKH FKDUJH DQG WKHQ VHW HU RII 1RZ ZH NQHZ RI D ELJ GDP XS LQ WKH ´+LJK 6KRDOVµ ZRRGV FORVH WR WKH FHGDU ZKHUH /HY\ ORVW KLV ELOOIROG /LNH , VDLG LW ZDV D ELJ GDP RQ D ELJ FUHHN DQG KDG EDFNHG XS HQRXJK ZDWHU RII WR RQH VLGH WR PDNH DERXW D DFUH SRQG 6RPHERG\ HOVH ZDV DORQJ ZLWK XV EXW , FDQ·W UHPHPEHU LI LW ZDV &RXVLQ %RE RU &RXVLQ 7KRUQW DQ\ZD\ ZH JRW DERXW FHQWHU RI WKH GDP DQG GURYH DQ LURQ URG GRZQ DERXW IRXU IHHW LQWR WKH ERZHOV RI WKDW VXFNHU :H WRRN RQH VWLFN DQG LQVHUWHG WKH FDS DQG SXW LW GRZQ LQ WKH KROH ZH KDG PDGH DQG ZDV JHWWLQJ UHDG\ WR IDVWHQ WKH ZLUHV ZKHQ 5HG VWRSSHG KH WXUQHG DQG ORRNHG DW PH DQG DVNHG ´6NHHWHU \RX WKLQN RQH VWLFN LV HQRXJK VLQFH LW LV VR ROG"µ , VKRXOG KDYH VDLG \HV EXW , GLGQ·W 6R KH DGGHG DQRWKHU 1RZ ZH WKRXJKW ZH KDG SOHQW\ RI ZLUH EXW DIWHU ZH

6HH 6.((7(5 3DJH




Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.